McDonnell approves sale of roads bonds
Edited by Chris Graham
freepress2@ntelos.net
Gov.Bob McDonnell today approved the sale of nearly $500 million in bonds to advance transportation projects managed by the Virginia Department of Transportation and the Virginia Department of Rail and Public Transportation.
The bonds are scheduled to be sold in May 2010. In addition, the governor has directed VDOT to sell $293 million of bonds in fiscal year 2011 and another $300 million in each fiscal year from 2012 through 2016 as part of the commonwealth’s Six-Year Improvement Program.
“When the General Assembly authorized these bonds as part of the 2007 transportation package called House Bill 3202, they expected the Commonwealth to use this funding to advance projects and, as promised, I am doing exactly that,” McDonnell said. “In these difficult economic times and with our mounting transportation needs in the Commonwealth, it is important to use every tool available to maximize funding options for our roads, bridges, rails, and public transportation. Our plan is to issue $2.2 billion in these bonds over the next six years.”
The bond funding will be combined with other state and federal dollars to continue moving projects forward when the Commonwealth updates its Fiscal Years 2011-2016 Six-Year Improvement Program this spring.
The bond funding is helping to advance projects around the state, such as:
- Interstate 81 truck-climbing lanes (Staunton and Salem districts)
- Lynnhaven Interchange on I-264 (Hampton Roads District)
- Route 29 Gainesville Interchange on I-66 (Northern Virginia District)
- Eleven bridge rehabilitations on I -95 (Richmond District)
- Route 460 Connector (Bristol District)
- Building a new interchange on Route 15 at Route 17 (Culpeper District)
- Reconstruction of Route 610 (Fredericksburg District)
- Route 265 Franklin Turnpike Connector (Lynchburg District)
- Dulles Metrorail
- Norfolk Light Rail
Related posts:
- Critics of Kaine roads plan coming out of woodwork Item by Chris Graham freepress2@ntelos.net Perhaps Bob McDonnell missed something. “While I have worked closely and in agreement with the governor on many important reforms...
- Roads fix on the backburner again Looking back on it, wouldn’t it have made sense to have started doing something about our transportation-infrastructure limitations, I don’t know, maybe a few years...
- McDonnell: Transportation audits a ‘step in the process’ Edited by Chris Graham freepress2@ntelos.net Gov. Bob McDonnell today announced a series of independent audits aimed at improving transportation performance and the efficiency of...
- VDOT roads report The latest from the Virginia Department of Transportation on local roads projects. Rockbridge County Interstate 64 * Mile marker 41 to 57, eastbound and westbound...
- VDOT roads report The latest on ongoing roads projects in the Shenandoah Valley from the Virginia Department of Transportation. Rockbridge County Interstate 64 * Mile marker 41 to...
Are bonds debt? The sale of these bonds was initially stipulated to be when the state had a funding source to pay them back wasn’t it? Did I miss the establishment of a revenue stream for this? Or is it the projected royalties from the pumping of oil from new oil fields offshore?